As I said yesterday, look for the reversal, look for more Ben P.R action and changing cards and words on the table from Ben… and we got it all! No preset mode, status quo is what matter, if the economy improve QE OFF, if the economy goes down QE stays ON with also more printing… The same old soup warmed up a little, little more salt, pepper and olive oil and served back to at us. Gold did not pass the 1300$ level & silver was comfortable over 20 $ but then corrected back to the 19.30$ level. Physical market was very active today, especially in the afternoon. I did not like that failure to move up pass those levels, and this price action reopen the doors, maybe, for another last correction. A very old investor and economist was telling me today that we did have 1 more leg down argument open for both gold and silver, purely chart speaking, for this major retracement to be completed. We’ll see. This does not mean general panic and gold 1000$/silver 15$… Maybe we are just missing the “E” for this A-B_C-D-E correction to be over? I wrote Sunday that this was an important week price-wise and I am more convinced now that we tested 1300 and silver 20.30$ for the first time that something is gonna change up or down, but something’ s gotta give, and we are getting close to September-December which I still think and repeat is going to be the next gear for PM’s after a very hard year so far…
↧